Merits and Demerits of Cashless Economy

I believe there is more advantages of the cashless economy than it's disadvantage like cashless money transfer is more transparent, hence more manageable (means less corruption) , easy to transfer funds, requires less time.

For instance, if one lives in Delhi wants to transfer funds to Mumbai he can transfer that using internet banking or using a mobile wallet, credit card etc. So it was easy, it took less time than going to the bank and then transfer money.

Most of the times blank money gets accumulated because the bank (government) has no way to keep track of transactions happening, but in a cashless economy, the bank can keep track of it and if the applicable tax will be charged on those transactions.

Now coming to disadvantage, one of the biggest disadvantages is lack of security,

As now it has become rather easy for a thief to steal money by sitting in front of the computer.

Making India a cashless economy is a good initiative. It'll benefit the people in many ways. But at the same time, we cannot ignore the fact that it has some demerits too. For instances, the area where there is lack of resources for this process, it is impossible to function this system properly. Moreover, a great number of people in India are still illiterate. For them, it will be difficult in the transaction of money.

If we see ten years down the line this cashless economy is going to benefit the society a lot.

But as of now it is not that much useful because of unawareness among people. Most of the people are resisting these changes because they don't have proper idea about the merits and demerits of the implementation.

So, as a citizen of India we all should have to take the initiative to teach all ar make everyone aware about the changes taking place in our country.

Some of the impacts are;

Paper is saved.
More transparency.
Use of technology.
Security and risk factors are reduced.
Black money is reduced.

The cashless economy is the great initiative. It has a result in the diminishing of tree cutting. Papers are being lesser used. It's a simple and very easy way to transact money. But it has demerit also like the area where the facility is not available or online facility is not available will result in some kind of trouble.